Show Text of Roosevelt's Message on Silver Br Er Associated Press WASHINGTON May 22 The 22 The text of President Roosevelt's message on silver legislation follows To the congress of the United States On Januar January 11 1934 I 1 recommended recommended mended t to to- the congress legislation legisla tion which was promptly enacted under the title The gold reserve reserve reserve re re- re- re serve act of 1934 This act vested in the United States government government government gov gov- the custody and control of our stocks of gold as a are are- re reserve reserve re- re serve for our paper currency and andas as a medium of settling international international balances It set up a stabilization stabilization sta sta- fund for or the control of ot for tor foreign ign exchange in the interests of our people and certain amendments amend amend- ments were added to facilitate the acquisition of oC silver As stated in my message to the congress this legislation was recommended rec ace as a step in improving our financial and monetary tem tern Its enactment has laid a foundation on which we arc organizing organizing or or- a currency system that will be both sound and adequate It is a long step forward but only a step Seeks Broadening of Base As a part of the larger objective objective objective tive some things have been clear One Is that we ye should move forward for for- ward ard as rapidly as conditions permit in broadening the metallic base of our monetary system and andin andin andin in stabilizing the purchasing and debt paying pling power of our money on a more equitable level Another Another An An- other is that we should not neglect the value of an increased use of oC silver in improving our monetary system Since 1929 that has been obvious Some measures for making a greater use of silver in the thc public public pub pub- lic lie interest are appropriate for independent action b by us On others international cooperation should be sought Of the former Cormer class is that of Increasing the tile proportion of silver silver silver sil sil- sil- sil ver in the abundant metallic reserves reserves re re- re serves back of our our pap paper r cur cur- rency This policy was initiated b by the proclamation of Dec December 21 1933 bringing our current domestic domestic do do- production 0 of silver into he he treasury as well as placing this nation among the first to carry out the agreement on silver which we sought and secured at atthe atthe atthe the London conference We have since acquired other silver in the interest q of stabilization of oC foreign exchange and the development of ofa a broader metallic base for our currency We seek to remedy a maladjustment of our currency Alms Aims at Further Acquisition In further aid of this policy It would be helpful to have legislation legis legis- lation laUon broadening the authority for the further acquisition and monetary use of silver I therefore recommend legislation legislation legislation legis legis- lation at the present session declaring declaring de de- claring daring it to be the policy of the United States to increase the amount of silver in our monetary monetary monetary mone mone- tary stocks with the ultimate ob ob- ob of ot having and md maintaining maintain maintain- ing one-fourth one of their monetary value in silver and three-fourths three in gold rold The executive authority should be authorized and directed to tomake tomake make the purchases of silver I necessary to attain this ultimate objective The authority to purchase present accumulations of or silver in this countr country should be limited to purchases at not in excess of 50 cents per ounce The executive authority should be enabled should circumstances require to take over present surpluses surpluses surpluses sur sur- pluses of silver in this country not required for industrial uses on payment of just compensation and to regulate imports exports and other dealings in monetary silver There Then should be a tax lX of at least 50 per cent on the profits proms accruing from dealing in silver Would Increase Silver Store Storo We can proceed with this program program program pro pro- gram of increasing our store of or silver for use as a part of oC the metallic reserves for Cor our paper currency without seriously dis disturbing disturbing disturbing dis- dis adjustments in world trade However because of oC the great world supply of oC silver and its us use in varying forms by the worlds world's population concerted action action ac ac- ac tion by all nations or at least a large group roup of nations is necessary necessary sary if a permanent measure of value alue including both gold and silver is eventually to be made madea a world standard To arrive at that point we must seek seck every possibility for world agreement although It may turn out that this nation will ultimately have to take such independent action on this phase of the matter as its ils interests require The success of the London conference conference con con- ference in consummating au an In International International In- In agreement on silver which has now been ratified b byall by byall all the governments concerned makes such further agreement worth seeking The ebb and flow of values in m almost all parts of the world have created many points of ot pressure for readjustments readjustments readjust readjust- ments of internal and international standards At no time since the efforts of this nation to secure international agreement on silver began in 1878 have conditions con conditions been more favorable for making progress along this line Conferring With Nations Accordingly I have begun to confer with some of our neighbors neighbors neigh neigh- bors in regard to the use of both silver and gold preferably on a coordinated basis as a standard of monetary value Such an agreement agree agree- ment would constitute an important tant step forward toward a monetary mone mone- tary unit of value more equitable and stable In its purchasing and debt paying power I FRANKLIN D. D D ROOSEVELT LT |